LateToFIRE
Thinks s/he gets paid by the post
- Joined
- Jun 4, 2023
- Messages
- 1,171
Oh wow, 0% financing! Yeh, I would hit that bid if it was something I was gonna buy anyhow.
Dave Ramsey Show and FIRE Caution.
- Thread starter frayne
- Start date
Cayman
Recycles dryer sheets
- Joined
- Nov 14, 2015
- Messages
- 445
Good deal at 0%! LateToFire, I think Gumby sums it up well here. It seems to me that it's generally understood on this forum that "debt" in and of itself isn't bad and it certainly can be good. It's often misused or has unintended consequences for "the general run of the population" - that's what I meant.
Markola
Thinks s/he gets paid by the post
^^^^^+1. Ironically, 20 years ago DW and I were crushing our automatic, high long term savings rate at 30-40%, but monthly spending was a bit sloppy, with car loans and modest credit card debt.
Step 1: I read Ramsey’s “Total Money Makeover” and we stopped that nonsense, going to a cash basis with only debit cards and a low interest mortgage.
Step 2: We set up a household finance system in which all income and joint bills are handled through a joint checking account that I manage, from which DW and I automatically receive equal amounts monthly of Blow It money into our personal checking accounts for personal needs and wants, for which we are unaccountable to the other person.
That move might have saved our marriage.
Step 3: I found the tool You Need A Budget (YNAB), which really dials in the monthly control to the point that we now safely use cash back credit cards, pay them off monthly automatically, enjoy the superior fraud protection to debit cards, and get about $1,800 extra each year.
The above system works great for us and I have no plan to get rid our cheap mortgage but it was important to go cold turkey on consumer debt for a long time.
Step 1: I read Ramsey’s “Total Money Makeover” and we stopped that nonsense, going to a cash basis with only debit cards and a low interest mortgage.
Step 2: We set up a household finance system in which all income and joint bills are handled through a joint checking account that I manage, from which DW and I automatically receive equal amounts monthly of Blow It money into our personal checking accounts for personal needs and wants, for which we are unaccountable to the other person.
That move might have saved our marriage.
Step 3: I found the tool You Need A Budget (YNAB), which really dials in the monthly control to the point that we now safely use cash back credit cards, pay them off monthly automatically, enjoy the superior fraud protection to debit cards, and get about $1,800 extra each year.
The above system works great for us and I have no plan to get rid our cheap mortgage but it was important to go cold turkey on consumer debt for a long time.
Last edited:
Eucerin
Recycles dryer sheets
- Joined
- Oct 10, 2018
- Messages
- 246
I agree with all you said and I ditto with all your thoughts and experiences.
Circle back to the very first post. I think these two know exactly what FIRE is and even follow this and other FIRE groups. I believe they used reverse psychology, to get you talk about them, to get their name out.
They are unknown, your talking and mentioning their names is a free advertisement.
We, FIRE group know what we are doing, we don't need others to validating us.
Circle back to the very first post. I think these two know exactly what FIRE is and even follow this and other FIRE groups. I believe they used reverse psychology, to get you talk about them, to get their name out.
They are unknown, your talking and mentioning their names is a free advertisement.
We, FIRE group know what we are doing, we don't need others to validating us.
Similar threads
